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Flexible workspace leasing is surging. According to new research from CBRE, the leasing for flexible workspaces accounted for 4.4% of the total square footage leased in the first half of the year. That is double the leasing activity in the first half of the 2017, and up from 1% of total leasing in 2013. The research also shows that flexible lease providers have been the biggest driver of growth in the business sector. If this leasing activity continues, flexible lease providers will account surpass the leasing activity of legal, government and insurance sectors by the middle of 2019.

Culture shifts in office and workplace culture and the expectations of employees have been the primary drivers of flexible workplace leasing activity. “Leasing activity is directly linked to an evolution in thinking by occupiers, who are increasingly seeking agility in their real estate portfolios, and thus increasing the demand for flexible space,” Andrea Cross, head of office research of the Americas at CBRE, tells GlobeSt.com. “We have seen Fortune 1000 firms and other major occupiers evolve from ‘I might want to take flexible space’ to “flexibility or agility will be a portion of my total footprint.’”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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